Abu Dhabi: UAE-based integrated healthcare platform Pure Health has entered into a definitive purchase agreement to acquire a minority equity investment in US-based Ardent Health Services for $500 million.
The Alpha Dhabi Holding subsidiary will also receive board observer rights but will not have a seat on Ardent’s board of directors, it said on Sunday.
Pure Health will be purchasing the interest in Ardent from its majority owner Equity Group Investments (EGI), a Chicago-based private investment firm.
Ardent, based in Nashville, Tennessee, operates 30 hospitals and more than 200 sites of care across six states, and has approximately 26,000 employees.
The deal is subject to all necessary US regulatory approvals.
The investment does not include plans for either the expansion of Ardent’s physical footprint or collaboration between Ardent and Pure Health in the delivery of care, the company said.
“One of EGI’s strengths is partnering with like-minded individuals with the experience and passion for how we approach investment opportunities. We look forward to developing a productive relationship with Pure Health as they continue to explore the various dynamics of the US healthcare system,” said Sam Zell, founder and chairman of EGI.
Commenting on the investment announcement, Farhan Malik, CEO of Pure Health, said: “This landmark investment agreement marks a quantum leap for the UAE and the global healthcare industry.”
“This is an exciting opportunity for Pure Health, as we continue to build relationships with leading U.S. healthcare providers to leverage the highest standards and best clinical practices to provide an unrivalled healthcare experience for patients in the UAE,” said Malik. “Ardent has a strong track record of delivering outstanding services across the United States, and we look forward to gaining additional knowledge to support our north star of advancing the science of longevity and unlocking time for humanity.”
Pure Health runs a diversified portfolio of over 25 hospitals and more than 100 clinics offering 200 plus specialties covering services from tertiary care to primary care, as well as over 150 laboratories. It has an employee strength of 25,000.